Question

(TCO K) You are the senior auditor for WWZ Co. and you have completed the testing of all the accounts. However, prior to issuing your report, what are at least five other procedures or reviews that must be performed prior to issuing your report? Explain your responses.

Answer 1

Answer:

Audit/Review process includes a progression of ventures before conveying review feeling through a review report. Despite the fact that testing of records by method for contrasting monetary proclamations and the basic records is the key and most essential there are other review viewpoints which the reviewer must cover as pursues:

• Examination of System of bookkeeping and Internal Control is to be inspected in order to find out whether it is fitting for business or not.
• Survey System and Procedures ought to be evaluated to check their sufficiencies and thoroughness , so material shortcoming can be distinguished.
• Find out Classification , accumulation , coordinating ideas has been pursued affirm that statutory necessities are agreed
• Survey for unexpected liabilities, assuming any, exists
• Survey for consequent occasions after the monetary proclamation date which needs change or exposure in the money related explanations
• Perform scientific systems toward the start, amid the review and toward the finish of the review to affirm the inspectors comprehension of the budgetary explanations.